Sapphire company CEO sold shares days before iPhone 6 announcement

One day before Apple announced that its new iPhones would not use sapphire screens made by GT Advanced Technologies the supplier’s chief executive sold more than 9,000 shares of GT stock, for $160,000.

Prior to the announcement shares had doubled in the past 12 months on iPhone 6 rumors.

GT CEO Thomas Gutierrez sold the shares Sept. 8 at an average price of $17.38. The next day, after Apple’s announcement, GT shares fell 13% to $14.94. They the filed for bankruptcy protection, sending its shares down 93% to 80 cents.